Clinical-stage company developing and commercialising products for treating inflammatory diseases of eye and nervous system, EyeGate Pharmaceuticals (NASDAQ:EYEG) said on 28th July, 2021 that Brian M Strem, Ph.D., Co-Founder, Director and former Chief Executive Officer of Okogen, Incand Co-Founder and Managing Director of Bayon Therapeutics, will be the President, Chief Executive Officer and board member immediately.
Stream has scientific acumen, strategic expertise as well as drug development experience in ophthalmology and regenerative medicine to his new role.
The firm is entering into non-binding letter of intent for acquisition of Bayon Therapeutics, a private ophthalmic specialty pharmaceutical company focusing on harnessing light sensitive ‘photoswitch’ small molecules for restoring vision in patients.
Stephen From, Executive Chairman of EyeGate, said that Brian’s entrepreneurial achievements as well as capability of driving forward makes him qualified for this significant inflection point.
EyeGate shares surged by67% to $5.20 after the firm made the announcement on acquisition of Bayon. It said on negotiating with Bayon for closing consideration of 50,000 shares of EyeGate stock as well as potential earnout consideration of up to $7.1 million or up to 2.2 million shares. Brian M Strem, biotech executive and entrepreneur, co-founded Bayon Therapeutics where he in-licensed global, exclusive rights to the Intellectual Property.